EUROCORP

Greek Morning News 24/4/2012

GREEK MARKET

The General Index closed at 702.17 posting losses of 1.73% in a turnover of €24.13mn, due to the severe losses recorded on the European board.

Greece’s budget deficit reached at 9.1% of GDP in 2011 compared to the revised shortfall of 10.3% in 2010 (ELSTAT).

The BoG Governor Mr. Giorgos Provopoulos is due today to highlight the need for the application of a comprehensive plan for growth and for no further delay in the application of the program Athens has agreed with its creditors in his annual report on the Greek economy.

IMF suggests that a return to the drachma would signal an abrupt change to the lives of ordinary Greeks.

Corporate Impacts

  • Cypriot Banks: The Cyprus’s finance minister Mr. Vassos Shiarly said that about €1.5bn may be needed to recapitalize the banking system and this was likely to be restricted to just one bank. He expected the recapitalization issue to be clarified well before the June 30 deadline set by regulators.
  • Technical

    • FTSE 20 June future: Support levels: 260-254-248. Resistance levels: 274-286-292.

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